Analyst, Brian Nowak, said, " Last night FB reported 2Q:12 revenue of $1.18bn, ~3% below us, but 2% above the Street. Two-thirds of the revenue miss vs. us was driven by lower-than-expected advertising while the other third was driven by lower-than-expected payments revenue. Global user growth was relatively in-line with our expectations, but user monetization drove the shortfall as ad revenue per user fell 2% YoY, worse than our expectation for it to be flat and worse than the ~0.7% growth in 1Q:12. We continue to like FB on improved, long-term monetization. That said, given the near-term teeth-cutting and added timing uncertainty, we are reducing our 2014E target EV/EBITDA multiple and PT." (Fy13 EPS estimate lowered from $0.58 to $0.52)

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